Govt teams up with SBI, telcos to combat OTP frauds

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Writer

Tazdar Zaidi

In order to check phising attack, the Ministry of Home Affairs has reportedly teamed up with SBI and some telecom operators to develop a solution to alert about stolen OTP. This move is aimed at helping people combat phishing attacks.

At present, the Centre is testing a solution which will allow banks to track the registered address as well as geolocation of a customer and where an OTP is getting delivered.

In case of any discrepancy between the two locations, the customers will be notified about a possible phishing attack.

“The solution is still being tested; these are early days but the idea is to track the geolocation of the customer through the telecom database and ensure that the OTP is going to the right area,” sources said.

According to the report, the Reserve Bank of India had also proposed an additional authentication factor for any digital payment transaction. But as fraudsters have also enhanced themselves in rerouting OTPs to their own devices, the second factor is not of much use in the process.

“In case of any issue with the OTP delivery location, we can undertake two steps–either pop an alert on the device or block the OTP altogether,” sources further said.The partnership with telcos is aimed at locating the customers’ phones and SIM cards at the time of OTP delivery.

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